PetroRio has terminated the proposed sale of its stake in the Manati field in Brazil to Gas Bridge.
The companies had signed a sale and purchase deal (SPA), however, PetroRio said Wednesday it had formally notified Gas Bridge S.A. of the SPA termination, once the long stop date had been reached with no satisfaction of the conditions precedent.
PetroRio had planned to sell its 10% interest in the Manati field to Gas Bridge, but the deal is now off.
"PetroRio remains confident on the field’s future, especially given the recent gas market outlook. Nevertheless, it does not preclude possible further transactions involving Manati. The company will keep the market informed of any material facts related to Manati," PetroRio said.
Earlier this year, another Brazilian oil and gas company, Enauta, also terminated its agreement to sell its 45% stake in the Manati field to Gas Bridge, after the conditions required for the completion of the sale were not fulfilled.
Petrobras has a 35% stake in the field, Enauta Energia owns 45%, GeoPark LTDA 10%, and Petro Rio Coral Exploração Petrolífera LTDA 10%.
The average production of the field in November 2021 was 3.42 million m3/d.
Related:
Brazil: Production Resumes from Manati Offshore Field (December 2021)